The extended downturn in Southeast Asia’s tech investment market has played out unevenly across different deal stages, revealing a distorted picture of market health due to the increased reliance on private debt and convertible notes.

While investment volumes have plummeted, median valuations and deal sizes surprisingly held up across stages well into the second half of 2024.

Also Read: SEA funding wiped out: Back to 2016 levels after historic slump

Per a Cento Ventures report, this perceived stability, however, was less a sign of market strength and more a distortion of the underlying correction. The rising use of private debt and convertible notes, often not reflected in standard public datasets, kept the number of priced equity rounds unusually low. This financial cushioning mechanism has obscured the true pace of the correction, despite a noticeable spike in startup closures and founders scrambling to achieve profitability.

The mismatch is apparent: headlines often hint at an “over-correction,” yet the valuations on record still appear sticky. The market is not yet clearing because founders have been reluctant to reset their valuation expectations, while investors are equally hesitant to meet those expectations. Debt instruments have provided a temporary bridge across this gap.

The core stack collapses

The capital cycle demonstrated sharp differences in pace across the venture stack:

• Series C+ deals slowed sharply as early as the second half of 2022, primarily due to the contraction in the supply of mega-deal capital. This gradual slowdown in Series B and C continued throughout 2022–2024, influenced by SEA-centric funds slowing down their deployment.
• Seed and pre-Series A stages initially saw a surge, buoyed by later-stage funds moving downstream in search of value, but this activity slowed dramatically by the first half of 2024.
• Series A and B stages proved the most resilient, holding up the longest, and only beginning to show a steep decline towards the second half of 2024.

The most concerning development arrived in mid-2024, marking a full reset of core investment activity back to 2016 levels. The previously stable seed to early Series B part of the core stack collapsed abruptly to one-third of its volume recorded during the 2021-2022 boom.

The subsequent decline was sharpest in the seed and pre-Series A segment (deals ranging from US$0.5 million to US$3 million), which reached a new low for the region after peaking in the first half of 2023. Similarly, the Series A to early B segment (deals greater than US$3 million up to US$10 million) was down by 50 per cent year-on-year.

Valuation and deal size nuances

Despite the drastic reduction in volume, median valuations did not experience a uniform collapse, thanks largely to the low number of priced rounds.

For pre-Series A deals, the median pre-money valuation held steady at US$5 million in 2024, showing zero per cent change compared to 2023. However, the median deal size for pre-SeriesA doubled in 2024 compared to 2023, reaching US$1 million, even as deal volume dwindled. This suggests that only larger, highly selective pre-A rounds were being completed.

Series A median valuation reached US$20 million in 2024, an increase of 5 per cent over 2023. This slight uptick towards the end of H2 2024 was partially attributed to increased liquidity made available by the Malaysian government’s fund-of-funds initiatives. Median Series A deal size remained stable at US$4.0 million between 2023 and 2024.

Series B median valuation saw a significant adjustment in 2022, dropping from US$90 million to US$55 million. In 2024, however, Series B median valuation increased by 17 per cent year-on-year, reaching US$52.0 million. This rise was primarily driven by pricier deals in the health-tech and Digital Financial Services sectors during the second half of 2024.

In contrast to the valuation rise, the Series B median deal size continued its gradual slide, falling to US$8 million in 2024, reflecting how capital from later-stage funds no longer “spilled over” into earlier stages.

The relative stability in valuations indicates that the supply of and demand for early-stage venture deals have declined at similar rates following the major adjustment of 2022.

Shifting country valuations

A look at country-specific Series A median valuations shows a convergence towards the US$20 million to US$25 million range. By 2024, the valuation gap between the lowest median (Thailand) and the highest (the Philippines) was 2.9X. Indonesia’s Series A valuations remained relatively stable despite the overall market slowdown, aided by increased bridge financing and venture debt that helped companies avoid downrounds. Malaysia stood out as one of only two markets with rising Series A valuations in 2024.

Also Read: IPO surge, unicorn scarcity: The new face of SEA’s funding landscape

Series B valuations also showed significant growth in several key markets for 2024. The Philippines saw a massive 85 per cent increase in Series B median valuation, while Indonesia saw a 25 per cent rise, and Malaysia witnessed a huge 102 per cent increase in 2024 compared to 2023.

This suggests that only the strongest companies, or “market survivors”, secured priced Series B rounds in 2024, creating an upward shift in market averages across these regions. However, the continuous use of venture debt and bridge financing rounds caused a continuous drop in Series B deal volume, reducing the clarity of the valuation signal.

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When it comes to structuring smart, capital-efficient deals, it’s hard not to notice how Singapore Special Purpose Vehicle (SPV) setups are gaining traction across Asia. Investors love the stability, clarity, and jurisdictional strength Singapore offers.

From startup founders to the sophisticated LPs, the buzz is real: Singapore is staking its claim as Asia’s SPV powerhouse. According to ACRA, there were 459,263 companies registered in Singapore as of August 2025, a net increase of more than 23,000 over the past 12 months. This steady rise underscores the growing adoption of Singapore Private Limited Companies (Pte Ltds), the go-to structure for SPVs.

Clearly, the numbers are pointing to Singapore’s steady momentum as a hub for efficient, investor-friendly structures. So why are syndicate leads, venture investors, and family offices choosing Singapore over traditional offshore centres? Let’s break it down.

Singapore SPV structures explained

An SPV (Special Purpose Vehicle) is a separate legal entity created for a specific project or investment. Think of it as a clean container: it holds assets, pools capital, and isolates risk.

For investors, this structure unlocks:

• Risk mitigation: Assets and liabilities sit within the SPV, not the parent entity.
• Flexibility: SPVs can back one deal or manage a portfolio.
• Tax efficiency: Optimised through Singapore’s favourable regime and treaties.
• Global participation: Easier access for investors across borders.

Singapore SPVs are already widely used in venture capital (to pool capital into single deals), private equity (to hold international assets), and cross-border deals (to leverage tax treaties and legal infrastructure).

Also Read: Singapore Fashion Council backs Loom Carbon to tackle textile waste

Why investors choose Singapore

Singapore isn’t just another offshore option for investors; it’s a full-fledged global financial hub.

• Strategic location

Positioned at the heart of ASEAN, Singapore connects Asia to global markets. Its role as a regional hub makes it a strategic base for cross-border investment flows.

• Stable governance

Singapore’s political stability, efficient regulatory framework, and pro-business policies provide the predictability and security investors value in long-term commitments.

• Financial infrastructure

The country’s ecosystem includes top-tier banks, experienced legal and tax advisors, and respected regulators. Together, these elements create a reliable foundation for structuring complex transactions.

• Speed of setup

Establishing a Singapore SPV is fast and efficient. In most cases, investors can set up an entity and secure a functional bank account within 1–2 days, a significant advantage for time-sensitive deals.

• Global acceptance

Singapore SPVs are widely recognised and accepted globally. With the exception of jurisdictions sanctioned by MAS, investors from nearly any country can participate, and these vehicles can deploy capital across international markets with ease.

Tax and regulatory advantages of Singapore SPVs

One of the biggest draws of a Singapore SPV is its tax framework.

• Double Tax Treaties (DTAs): Singapore has signed treaties with 90+ countries, including India, China, the US, and the UK. This means lower withholding taxes and protection against double taxation.
• Corporate tax rates: A competitive flat rate of 17%, with partial exemptions for startups and SMEs.
• No capital gains tax: Profits from selling shares, property, or financial instruments are often exempt.
• Tax incentives: Programs like the Global Trader Programme encourage cross-border activity.

Compared with the Cayman Islands (increasingly criticised for opacity) and BVI (perceived as unstable under new regulatory pressures), Singapore stands out. Investors see it as both efficient and credible.

Also Read: Singapore tops global AI hiring charts: One in six jobs now reference AI

Singapore vs Cayman vs BVI

Feature	Singapore SPV	Cayman Islands	BVI
Tax transparency	Strong, OECD-compliant	Under scrutiny	Moderate, facing pressure
Reputation	High legitimacy	Tax haven label	Less stable
Regulatory complexity	Predictable, supportive	Rising compliance	Increasingly complex
Double tax treaties	90+ treaties	Few	Limited
Capital gains tax	None	None	None

Efficiency and cost benefits of setting up an SPV in Singapore

Setting up a Singapore SPV is also about making operations smoother.

Efficiency benefits:

• Centralised investor management: Pool multiple investors into one entity for easier communication and reporting.
• Streamlined transactions: Create a dedicated vehicle for M&A, asset transfers, or single-deal investments.
• Operational freedom: Lighter regulatory burden than a parent company, allowing flexibility.
• Evolution of digital banking: The rise of digital banks has further accelerated SPV efficiency. Licensed by MAS, providers like Finmo now open SPV accounts in a matter of hours, fully compliant with regulatory standards.

Cost benefits:

• Reduced taxes: DTAs cut withholding taxes, boosting net returns.
• Lower admin costs: By outsourcing SPV management to specialised providers, investors cut overhead.
• Optimised financing: SPVs can raise debt or issue securities at better terms than their parent entities.
• Risk containment: Liability is isolated within the SPV, protecting the wider portfolio.
• No capital gains tax: Singapore imposes no capital gains tax, allowing investors to retain a larger share of their returns.

Singapore wins for investors seeking both efficiency and legitimacy. According to Singapore’s Ministry of Finance, the country’s Exchange of Information on Request (EOIR) regime has been rated as “Compliant,” the highest possible designation under the OECD’s international tax transparency standards.

Final thoughts

For syndicate leads and investors, the message is clear: Singapore is the future-proof home for your SPVs. From favourable tax treaties to unmatched credibility, setting up your SPVs in Singapore combines efficiency with trust, qualities global investors now prioritise.

Compared with traditional offshore centres, Singapore provides the infrastructure, reputation, and legal strength to structure complex deals at scale. If you’re building syndicates, raising cross-border capital, or managing specialized projects, Singapore is where the smart money is setting up.

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Image courtesy: DALL-E

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What if your startup had a team member who never sleeps, works 24/7, makes smart decisions, learns from experience, and needs zero breaks or benefits? Now imagine having not just one, but a fleet of these team members.

This isn’t science fiction. It’s now a real option for startups thanks to a new evolution in artificial intelligence: agentic AI.

Agentic AI systems go far beyond the traditional AI that passively waits for user input. These next-gen digital agents operate independently. They set objectives, make decisions, plan multi-step tasks, execute them fully, adapt to shifting inputs, learn from outcomes, and keep improving over time. They emulate the actions of skilled human team members, yet perform at speeds, precision, and consistency that human teams simply can’t, especially under conditions of resource scarcity.

For early-stage startups, this is game-changing.

Startups are often strapped for time, limited in team size, and operating without the budgets or bandwidth of mature firms. The challenge is constant: how do you cover more ground without overwhelming people, raising burn rates, or compromising quality? You need to move fast, execute flawlessly, and adapt continually — all while hiring slowly or not at all.

This is where agentic AI steps in — not just as a tool, but as a strategic multiplier.

Let’s take a closer look at how agentic AI is transforming the way startups scale across their most critical functions:

Customer support that grows with you

Customer questions, tickets, and issues don’t scale slowly — they pop up fast as you acquire users. Agentic AI helps you stay ahead. Intelligent agents can autonomously manage thousands of support tickets, resolve repetitive issues, and refine their responses as they learn from interactions.

They don’t just follow scripts — they adapt over time. By handling common questions with speed and accuracy, AI enables human agents to focus on complex or sensitive requests, providing a better customer experience while avoiding bottlenecks.

AI-driven sales and marketing funnels

Startups don’t just need leads — they need the right leads, engaged and nurtured without draining bandwidth. Agentic AI can screen inbound leads, score them, personalise outreach, track engagement, and launch follow-up campaigns — all without human supervision.

These agents essentially act as SDRs and marketing ops bundled into software. Their ability to craft tailored messaging based on user behavior means higher conversion rates with fewer human hours involved. For scrappy teams trying to punch above their weight in crowded markets, this unleashes big-league capabilities.

Also Read: The digital lag: How traditional consulting is failing to grasp the agentic AI revolution

Operational systems that don’t need babysitting

Startups operate in a constant state of flux. Meetings move. Team members wear multiple hats. Processes evolve week to week. Agentic AI helps make operations smoother – even when things get chaotic.

Whether it’s scheduling interviews, managing internal workflows, syncing calendars, or coordinating vendor logistics — the AI observes, learns, and adapts in real-time. It becomes a backend brain optimising task handling, reallocating resources, and eliminating bottlenecks before they hit your inbox.

Resilient supply chain and logistics, without extra ops hires

For product-based startups managing inventory, fulfilment, or delivery operations, supply chain hiccups can become deal-breakers. Agentic AI now enables real-time inventory forecasting, automated restocking approvals, and smart logistics routing that reacts on the fly.

Your digital agents don’t just trigger alerts — they resolve issues, suggest alternatives, and even negotiate with vendors when programmed to do so. The result? You can run more like a scaled ops team without needing to build one.

Why now? The tools are finally accessible

This shift is powered by advances in large language models (LLMs), prompt engineering, and easy-to-integrate no-code tools. You don’t need a PhD in machine learning or a large engineering team to get started. Tools like GPT-4, n8n, Make, or Zapier can now be wired together into performance-ready intelligent agents.

What used to take quarters, budgets, and full developer teams can now be achieved in weeks — sometimes days. We’re at a moment where skilful design and integration matter more than scale of headcount.

The strategic advantage: Scale without bloat

Hiring can’t always keep up with growth, and budgets don’t always stretch to hire every expert. Agentic AI gives founders a new scaling strategy — one where every process becomes smarter and faster, without multiplying team size. When implemented right, AI doesn’t just ‘save time’ — it allows early-stage startups to act like companies twice their size.

It means your five-person company can accomplish the output of 20. Your late-night backlog? Handled by agents overnight. Your onboarding process? Automatically personalised, delivered, and tracked. Your metrics dashboard? Refreshed daily — by the AI itself.

Also Read: From hype to harmony: Why agentic AI needs a platform-first mind-set to redefine CX

This isn’t about replacing people. It’s about up-levelling your entire team.

Each agent becomes a support system, enabling humans to spend more time on uniquely creative, strategic, and customer-focused work. Where once you needed a marketing specialist, analyst, and admin, now a small founding team can cover all these roles intelligently — with help from digital agents.

From vision to execution

The biggest challenge for founders isn’t knowing AI exists. It’s knowing where to apply it first. That’s where clarity is key: map your most repetitive tasks, high-friction workflows, or time drains. Then apply the Promptive Method (Discover, Build, Optimise) to develop agents custom-fit to your startup’s exact needs. Smart implementation multiplies value and sets your company on a different growth trajectory — without bogging you down in technical complexity.

Startups that embrace agentic AI in 2024 aren’t just trimming costs — they’re accelerating growth. They’re turning workflows into competitive advantages, transforming onboarding into seamless automation, and turning data into action without delay.

Agentic AI is the co-founder you didn’t know you could hire: always on, always learning, never asking for equity. And it’s here to help you scale smarter.

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The post From 5 to 50: How agentic AI lets startups operate like enterprises appeared first on e27.

Hiring marketing specialists is notoriously tough for early-stage startups, especially for founders without extensive business experience. How can they be sure the marketer they bring on board will deliver results? Will a performance marketer drain the budget on ineffective social channels? Could a content manager accidentally damage the company’s reputation? And do you really need to hire a big-name CMO from a large firm, or might external consultants be the smarter choice?

To mitigate these uncertainties, it’s crucial that founders first develop a clear marketing strategy. Only after understanding the company’s needs and deciding on the type of marketing team required should they begin the hiring process.

Finding the right specialist with industry-relevant experience and skills can be challenging and, for entrepreneurs who are new to this, prone to missteps. While there is no one-size-fits-all formula—since every startup’s marketing needs differ—here are four key pitfalls founders should avoid when recruiting marketers.

Don’t hire without defining clear marketing goals

It’s easy to feel compelled to quickly build a marketing team once you secure funding. I’ve seen startups hire multiple marketers at once, only to drastically cut back weeks later. For example, one direct-to-consumer startup hired 10 full-time marketing staff after their seed round, but just two months later, reduced the team to four—realizing that external partners could handle much of the workload efficiently.

My advice: take the time to evaluate exactly what marketing tasks need to be done and the skills required to accomplish them. Avoid rushing to hire a well-rounded marketer or several specialists without clarity. Instead, distinguish which projects could be outsourced, which roles require full-time hires versus freelancers, and match candidates’ experience to your business goals.

Set specific, measurable objectives for your marketing hires upfront. This clarity will help you identify the right candidates and objectively assess their performance over time.

Also Read: Balancing personalisation and privacy in business marketing

Don’t overlook team fit and company culture

Marketing professionals rarely work in isolation—they collaborate with developers, product managers, designers, and others. Especially in small startups, it’s vital to ensure new hires align with your company culture and can work well with existing team members.

Founders should be hands-on during the hiring process from the beginning, participating in interviews and assessing how a candidate might integrate with the team dynamics. Choosing someone who meshes well with your team can prevent costly misunderstandings and foster a more harmonious work environment.

Don’t rely solely on credentials and past titles

While formal qualifications and experience matter, they shouldn’t be the sole basis for your hiring decision. Early-stage startups thrive on shared values and growth mindset.

Sometimes, hiring a junior marketer with potential and cultural alignment is smarter than recruiting a seasoned executive whose perspective clashes with the team. You can always mitigate a less experienced hire’s risks by seeking advice from external experts.

This approach not only builds a cohesive team but also creates opportunities to mentor and develop talent internally.

Also Read: Mastering the craft: 5 essential tips for elevating your B2B marketing game

Don’t overcomplicate the hiring process

Many marketers say that hiring procedures have become unnecessarily drawn-out and stressful. Some startups implement numerous interview rounds and test assignments, which may deter strong candidates.

Ask yourself if all those steps are truly essential. Can you streamline the process—reducing interviews and making prompt hiring decisions when you find a good fit?

Delays in recruiting can mean missed opportunities; a capable marketer starting sooner can drive value and growth even as they continue to learn.

Early-stage startups usually need to move quickly to scale, so an overly complex recruitment process can work against this goal. Focus on efficiency by conducting only the necessary interviews, eliminating redundant steps, and aligning hiring with your startup’s priorities.

The fast pace and resource constraints of early-stage startups make marketing hires a crucial and challenging task. Founders must balance thoroughness with agility, aiming to build an effective marketing team that can accelerate growth without unnecessary risk or delay.

By setting clear goals, respecting team culture, valuing potential over credentials, and keeping the process straightforward, founders can significantly improve their chances of recruiting the right marketers to power their startup’s success.

The post 4 common hiring mistakes to avoid when building a marketing team for your early-stage startup appeared first on e27.

The narrative guiding Southeast Asia’s tech investment was profoundly revised during 2023-2024, according to a new Cento Ventures report. The narrative moved decisively away from broad, consumer-led growth models towards the dominant and resilient story of digital financial services (DFS).

Since Indonesia’s valuations peaked in early 2022, investors have cycled through various competing regional growth stories, most of which failed to materialise under closer scrutiny.

Also Read: SEA funding wiped out: Back to 2016 levels after historic slump

Two prominent narratives were tested and found wanting:

• Vietnam as the “next China”: This theory lost significant momentum as political shifts throughout 2023 and 2024 dampened investor confidence.
• The Philippines as the “next Indonesia”: This thesis came under scrutiny after closer analysis of Indonesian middle-class economics cast doubt on the long-term sustainability of consumer-led investment strategies, especially following failed Initial Public Offerings (IPOs) of large consumer companies.

These proposed growth stories relied heavily on assumptions of robust consumer spending, which ultimately proved less resilient than investors had initially anticipated.

The retreat from Indonesia and rise of the Philippines

The narrative shift has significantly impacted capital allocation across Southeast Asia’s key markets. Notably, Indonesia, long seen as the region’s scale driver, has received less than its “fair share” of investment in the regional digital economy since the second half of 2023. Funds previously explicitly raised for “consumer story” ventures in the archipelago are now shifting away from tech investments and moving towards mid-cap private equity-style investments, such as F&B chains.

In stark contrast, the Philippines has re-emerged as a key investment destination, propelled by the new dominant story of digital financial services. The country’s environment–characterised by a unique combination of light-touch regulation and significant financial disparities–has acted as a catalyst, accelerating its financial sector forward.

This shift has been evidenced by major capital injections into digital banking competitors, with companies such as Salmon, UNO Digital Bank, Mynt, and PayMaya all securing substantial funding in 2024.

While receding in overall VC investment share, Indonesia continues to provide critical scale for digital lenders that are experimenting with different operational models, both with and without established bank charters.

The super-app thesis abandoned

A major strategic pivot across leading digital platforms in 2024 confirmed the death of another growth narrative: the “super-app” model. Most digital platforms have officially abandoned the multi-vertical “super-app” thesis to concentrate on originating and distributing financial services.

The era of non-digital financial services super-apps was officially deemed over by 2022. This strategic refinement means that digital finance has become the key driver of profitability announcements across the region’s leading platforms throughout 2024. The concept of multi-vertical (or diversified services) accounted for US$866 million of capital invested in 2023–2024, representing 13 per cent of the top five sectors.

Business automation and exit resilience

Beyond the DFS dominance, another sector showing a burst of activity is business automation. While financial services captured 48 per cent of total capital invested in the top five sectors in 2023-2024 (US$3.3 billion), business automation accounted for US$507 million, or 7 per cent.

Also Read: When debt replaces equity: How SEA startups mask a funding winter

The spike in investment into business automation reflects a surge of experimentation with hybrid B2B marketplace plus SaaS business models across a variety of industries. However, the capital invested in business automation is back to its baseline after a brief B2B marketplace-driven spike.

Regarding exits, the ecosystem is still reeling from exposed instances of fraud and financial mismanagement across various companies. While the overall recovery remains a work in progress, more minor mergers and acquisitions (M&As) are still occurring. The market generally does not clear for significant acquisitions until founders and late-stage investors reach a point of desperation due to misaligned expectations.

A notable exception in early 2024 was the Tokopedia-ByteDance sale, which occurred under significant regulatory pressure. Despite these challenges, median exit valuations saw a substantial increase in 2024 compared to 2022, suggesting that strong, albeit smaller, exits are still being achieved.

The post Why Southeast Asia’s consumer-led growth story has officially ended appeared first on e27.